SE Asia Stocks -Philippine shares retreat on rate outlook; Thai PTT drops

Thu Aug 28, 2014 7:20am EDT

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BANGKOK, Aug 28 (Reuters) - Southeast Asian stock markets
ended mixed on Thursday, with the Philippine index snapping a
six-session winning streak amid prospects of higher interest
rates after strong GDP data while shares of Thailand's PTT
suffered the worst drop in seven months.
    The Philippine main index eased 0.8 percent, after a
combined 2.2 percent gain in the six days to Wednesday. Domestic
investors led sellers while foreign investors bought stocks
worth a net 692 million peso ($15.82 million), stock exchange
data showed.
    Selling hit interest rate sensitive stocks such as banks and
property. Among those actively traded, shares of BDO Unibank
 eased 0.6 percent and Ayala Land slipped 2.7
percent.
    The Philippine economy grew at its fastest pace in more than
a year in the second quarter even as government spending slowed,
strengthening views the central bank will raise interest rates
again to curb inflation. 
    The Thai SET index was down 0.4 percent, retreating
from a near 15-month closing high hit on the previous day.
    Shares of top energy firm PTT closed down 2.7
percent, their biggest one-day fall since January, after the
government said it restructured domestic energy prices to reduce
the cost of living, resulting in a reduction in gasoline
prices. 
    Analysts said the military government's plan to reduce the
cost of living could imply that an expected increase in domestic
gas prices will not happen soon and that could dampen earnings
of PTT.
    Stocks in Singapore were down 0.3 percent as Asian
shares held steady after pulling back from a 6-1/2-year high as
the recent rally in risk assets petered out for now. 
    Stocks in Indonesia rose for a second day as
beaten-down shares such as Bank Negara Indonesia 
further regained lost ground. The market was under selling
pressure early in the week amid concerns about a fuel price
subsidy.
    President-elect Joko Widodo's drive to fast-track an
increase in fuel prices, one of his key election pledges, has
stumbled after incumbent Susilo Bambang Yudhoyono said the
conditions were not right at the moment to cut
subsidies. 
    Vietnam's VN Index rebounded from a fall in the
previous session as value-buying in recently-beaten-down shares
pushed up the market. 
        
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   445.98        447.36       -0.31
 Singapore          3330.22       3341.46       -0.34
 Kuala Lumpur       1875.68       1872.38       +0.18
 Bangkok            1559.05       1564.58       -0.35
 Jakarta            5184.48       5165.25       +0.37
 Manila             7100.70       7160.46       -0.83
 Ho Chi Minh         632.03        628.77       +0.52
 
 Change on year
 Market             Current       End 2013    Pct Move
 TR SE Asia Index*   445.98        388.37      +14.83
 Singapore          3330.22       3167.43       +5.14
 Kuala Lumpur       1875.68       1866.96       +0.47
 Bangkok            1559.05       1298.71      +20.05
 Jakarta            5184.48       4274.18      +21.30
 Manila             7100.70       5889.83      +20.56
 Ho Chi Minh         632.03        504.63      +25.25
 
* The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.    

(1 US dollar = 43.7430 Philippine peso)

 (Reporting by Viparat Jantraprap; Editing by Anupama Dwivedi)
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